Bitget simplifies crypto taxes: new API integrated with Koinly

Crypto news from well-known exchange Bitget, which recently decided to collaborate with Koinly to make cryptocurrency tax reporting easier.

See below for all the details. 

Bitget’s API integration to improve crypto tax calculation: the details 

As expected, Bitget, the leading cryptocurrency exchange and copy trading platform, is pleased to announce a significant enhancement to its API integration with the Koinly tax reporting platform, in direct response to valuable feedback from its active crypto user community. 

In an ever-changing cryptocurrency investment environment where tax implications have become paramount, Bitget has consistently partnered with renowned cryptocurrency tax tool providers to efficiently navigate this complex territory.

The strategic collaboration between Bitget and Koinly has therefore enabled a seamless integration of cryptocurrency tax reporting services into the exchange platform. 

This integration provides users with the ability to generate accurate cryptocurrency tax reports that accurately calculate profits and losses.

By continuously synchronising historical cryptocurrency transactions with Koinly, Bitget users will greatly simplify the complex tax calculation process. 

Best known for its automated transaction import functionality, Koinly supports more than 20,000 tokens, 170 blockchains and 400 exchanges, wallets and services, making it a comprehensive addition to the Bitget ecosystem.

This innovative update, shaped by valuable feedback from users of Koinly’s Bitget API, introduces new features that simplify and accelerate the crypto tax calculation process.

Some statements on Bitget’s latest news

Gracy Chen, Managing Director of Bitget, emphasised the importance of the community and user contributions, saying:

“Our commitment to enhancing user experience is unwavering. The input we receive from our users plays a pivotal role in shaping our products and services. The recent API upgrade is a direct result of their input. Our Trade smarter philosophy embodies Bitget’s dedication to empower individuals with intuitive tools, fostering a secure, user-friendly, and efficient financial future.”

On the other hand, Adam Saville-Brown, Managing Director of Koinly, also shares his enthusiasm for this partnership, stating: 

“Being a Crypto Tax Software partner of Bitget is a privilege. The enhanced API paves the way for us to elevate the level of service we provide to our users. We eagerly anticipate the collaborative opportunities ahead.”

Furthermore, Bitget Academy provides a valuable resource for those trying to understand the complex tax issues associated with cryptocurrencies. 

In fact, users can explore topics ranging from the tax implications of cryptocurrency transactions, accurate cryptocurrency tax reporting, effective tax planning and strategies, as well as detailed information on various cryptocurrency tax tools.

Bitget’s ongoing commitment to improving the user experience extends to cryptocurrency tax management. 

With an updated API and strategic partnerships such as Koinly, Bitget continues to set the standard for an intuitive user interface and an intelligent, user-centric approach to cryptocurrency trading and management.

Bitget Wallet and MOBOX: a revolutionary partnership in the world of blockchain and NFT games

In another recent development in the crypto and blockchain sector, we see that Bitget Wallet has announced a strategic partnership with MOBOX, a community-based gaming platform that is preparing a revolution in the world of blockchain games and NFT interoperability. 

Bitget Wallet, an unencrypted wallet that aspires to become a complete cryptocurrency and Web3 solution, has taken a significant step forward in expanding its offerings and strengthening its presence in the ever-evolving world of blockchain.

MOBOX is essentially driven by the vision of connecting different metaverses through NFTs, paving the way for a new era of NFT interoperability between different blockchain games and platforms. 

The platform aims to improve the utility of NFTs in the context of blockchain games, and to introduce new opportunities through innovative initiatives. 

One of MOBOX’s main goals is to promote the concept of “play to earn”, while preserving the essence of free games and ensuring access for all.

Bitcoin ETFs on the way after Grayscale victory

Last week, Grayscale won its lawsuit against the SEC over the agency’s refusal to approve spot bitcoin ETF. 

This victory could have a significant impact on the crypto market, and not just in the long term. 

Approval of Bitcoin ETFs following Grayscale’s victory

The first consequence could be that the SEC will finally be forced to approve spot bitcoin ETFs. 

It should be recalled that in the US, the SEC has so far only approved ETFs based on bitcoin price futures contracts, and not yet ETFs backed directly by BTC (so-called spot bitcoin ETFs). 

In addition, spot bitcoin ETFs have been approved in other parts of the world, including neighbouring Canada. 

The ruling by the Southern District Court of New York, which gave Grayscale the right to do so, effectively ordered the SEC to proceed with approval if all requirements and laws are met. 

Many believe that the SEC now has its back to the wall, with JPMorgan, for example, arguing that the agency will probably have no choice but to approve many of the applications. 

Indeed, the court’s ruling explicitly rules out that the reasons given by the SEC so far should be considered sufficient for a rejection, and states that the SEC’s stance is arbitrary and therefore implicitly unfair. 

In truth, however, there is nothing to suggest that the SEC will not do as it has always done and take its time, delaying the decision as long as possible, as it did on Friday.

However, JPMorgan’s analysts say that the delay is likely to indicate that the SEC will approve several applications at the same time, in order to avoid first-mover advantages. 

Once the agency is forced to make a decision, it is expected to opt for bulk approval. 

The inflow of capital: the arrival of bitcoin ETFs after Grayscale’s victory

Spot Bitcoin ETFs have one feature that makes them extremely attractive to the market. 

As they are backed directly by BTC, they require the physical delivery of an amount of BTC equal to the value of the shares issued. 

These BTCs have to be bought on the market, so the more shares they sell, the more Bitcoin they have to buy on the market to immobilise. 

This should reduce the supply on the market and probably increase the price. 

According to Anthony Pompliano, the capital inflow into the spot bitcoin ETFs can be estimated at two billion dollars, which would mean a withdrawal of up to 77,000 bitcoins from the market. 

While it is not possible to calculate exactly what impact such inflows could have on the price of BTC, it is possible that at a time like this the impact could be significant.

The shortage of supply

We are in a very strange moment. 

The amount of BTC on exchanges is at its lowest level in years, partly because after the various failures of 2022, many holders realised that it would be better not to leave bitcoin on exchanges. 

Furthermore, exchange volumes are also very low, and these two things together mean that even a not particularly large inflow of capital can be enough to upset the precarious balance between supply and demand very quickly. 

This means that a significant inflow of capital could significantly increase demand, which is currently very low, and thus put pressure on prices. 

However, there is no certainty about the timing, not least because the two billion that Pompliano refers to would not come in all at once once the ETFs are approved.

The halving of bitcoin

Add to this the fact that in April next year, less than eight months away, there will be the fourth halving of Bitcoin, which in turn is expected to reduce the supply of BTC on the market, as it will halve the miners’ revenues in one fell swoop. 

If the ETFs are expected to be approved by February or March 2024 at the latest, they will actually be approved just before the halving. So the $2 billion of inflows they could attract could come at the same time as the halving, or in the months immediately after. 

Historically, a bull run has started a few months after the halving. 

The first halving occurred in September 2012, and the bull run started in early 2013. 

The second halving occurred in July 2016, and the bull run began in early 2017. 

The third halving occurred in May 2020 and the bull run began in November of that year. 

Although historical data is by no means sufficient to predict the future, it is possible that a similar scenario could trigger a new bull run in 2024 if the past repeats itself. 

However, it is not known whether the market value of bitcoin will have remained stable or fallen in the meantime.

Is Pomerdoge (POMD) The Next Biggest Thing Since Pepe (PEPE). Analysts Say Buy Pomerdoge Not Shiba Inu (SHIB)


Analysts are now predicting that Pomerdoge could be the next biggest thing since Pepe (PEPE), and they’re telling investors to buy it instead of Shiba Inu (SHIB). But what is driving this sudden interest in the Pomerdoge presale? Let’s take a closer look at the current state of the market and what Pomerdoge has to offer.

Click Here To Find Out More About The Pomerdoge (POMD) Presale

Pomerdoge (POMD)

Move over, froggies! A new canine-themed digital asset is barking up the crypto tree. Meet Pomerdoge, a unique cryptocurrency that stands apart from the pack with its focus on community, entertainment, and collaboration.

The Pomerdoge universe is a dynamic blend of Pomeranian-inspired NFTs, a play-to-earn (P2E) gaming platform, and a lively meme token. This unique concoction crafts a captivating and rewarding experience that is already drawing crypto enthusiasts to become part of the Pomerdoge pack.

A significant draw in the Pomerdoge ecosystem is its P2E game, where players can compete in thrilling battles against global adversaries. The game promises to be enjoyable, fast-paced, and, most importantly, rewarding. With accessibility from any device, anyone, anywhere in the world, can play and earn.

Unlike many of its crypto counterparts, Pomerdoge offers benefits for customers who retain their tokens and engage with the platform. This compelling incentive promotes loyalty to Pomerdoge and fuels the growth of the community.

For those ready to join the Pomerdoge parade, POMD tokens are up for grabs at a mere $0.035 during the initial phase of the Pomerdoge presale event. It’s crucial to remember that the price will escalate with each subsequent presale phase. Thus, those eager to secure POMD tokens at a bargain should pounce on this opportunity before it catapults into the top 50 altcoins.

Pepe (PEPE)

The Pepe meme has been around for some time, but its corresponding token, Pepe (PEPE), is a relatively new entrant in the crypto space. Pepe (PEPE) was designed to be the “most memeable memecoin in existence” and the 10,000% price surge in the spring of 2023 was a testament to its success.

However, Pepe (PEPE) has been unable to sustain its meteoric rise and has receded back to around $0.00000157. Some analysts are commenting that Pepe (PEPE) is simply a pump-and-dump scheme, especially as there are no real-world use cases outside of speculation.

Moreover, Pepe (PEPE) could be facing serious competition from Pomerdoge. Analysts are already noting that Pomerdoge is the most interesting meme token as it combines its meme appeal with usability, loyalty rewards, and a strong community.

From a risk-reward standpoint, analysts believe that Pomerdoge offers a more attractive proposition compared to Pepe (PEPE). Pepe’s (PEPE) current price of $0.00000157 translates to a market cap of $610 million, implying a limited upside for investors.

Shiba Inu (SHIB)

The realm of cryptocurrencies has been known for its volatility, and Shiba Inu (SHIB) is a prime example. This newcomer made a startling splash in 2021, seeing its value soar by a jaw-dropping 10,000% during the bullish phase. Despite this, Shiba Inu (SHIB) has since plunged by over 91% to a current price of $0.000007720.

Recently, the downward pressure on Shiba Inu (SHIB) has been further amplified due to the SEC scrutinizing centralized crypto operations. Shiba Inu (SHIB) slipped below its critical support level at $0.000008000, with analysts saying that the outlook for Shiba Inu (SHIB) is bleak.

The crypto market is waiting with bated breath to see where Shiba Inu (SHIB) will move next. Most experts anticipate a price oscillation between $0.000005000 and $0.000008000 for Shiba Inu (SHIB) until more buyers join the market. However, the $0.000008000 level acted as support for over one year, so it will take a lot of effort for Shiba Inu (SHIB) to break above this level.

Find out more about the Pomerdoge (POMD) Presale Today


Telegram Community:

*This article was paid for Cryptonomist did not write the article or test the platform.

Sandbox S.r.l becomes Fleap S.p.A thanks to the IBM Hyperledger blockchain

For the first time in Europe, a company has been able to make its conversion to another type using blockchain. This was Sandbox S.r.l, which became Fleap S.p.A thanks to the IBM Hyperledger blockchain

Sandbox S.r.l becomes Fleap S.p.A using IBM Hyperledger blockchain: the first case in Europe

From Limited Liability Company to Public Limited Company through the use of blockchain. This is the case of Sandbox S.r.l, which has now become Fleap S.p.A, using IBM‘s Hyperledger blockchain to be able to carry out the conversion, making it the first case in Europe. 

Specifically, the conversion took place in Italy, which, thanks to the “Fintech” Decree approved by the government in March and converted into law on 10 May, was able to consent to the change of companies. 

The new Italian law is based on European Commission Regulation 858/2022 and allows companies to issue and place corporate financial instruments such as stocks, bonds and debt securities using blockchain technology. 

At the moment, the only step Italy is missing is only the publication of the regulation by Consob

This regulatory basis could grant the Sandbox company to become a S.p.A, through the use of IBM’s Hyperledger blockchain

Not only that, also involved in the process were Thomas Iacchetti, CEO of Fleap, Notary Remo Maria Morone of Turin, and Attorney Alessandro Negri della Torre.

Regarding the decision to transform the company into Fleap S.p.A, the Digital Company application was also used, which allowed voting in real time. 

Sandbox S.r.l: first case in Europe of a company transformation using IBM’s Hyperledger blockchain

Sandbox S.r.l defines itself as Europe’s first platform for issuing digital assets of a financial nature and native digitization of corporate processes based on distributed ledger technology. 

Hence, she was the first entity to carry out the transformation of companies using blockchain technology. 

In this regard, Notary Remo Maria Morone, said:

“I strongly believe that the future is in the direction mapped out, welcomed now also (and finally!) by the legislature. In concrete terms, the application of substantive law does not change depending on the medium: blockchain is thus an added transparency and security, and allows automations that were unthinkable until yesterday. This means that notaries can and indeed must play the very important role of guaranteeing impartiality and specialized advice in adapting corporate clauses to each individual organization and transaction.”

Alessandro Negri della Torre, founder of LX20 Law Firm, also made his comments: 

“The resolution approved by Fleap’s shareholders’ meeting is characterized by profiles of great innovativeness. First, the vote and quorum data were recorded on distributed ledger technologies and, therefore, enjoy the characteristics of immutability and transparency of the underlying DLT and this is for the greater protection of all parties involved in the transaction itself. In addition, the decision was made through the Digital Company architecture, which enables the digitization of a plurality of corporate processes and is now a state-of-the-art tool for the administration of Italian companies.” 

Crypto regulation in Italy

The year 2023 constitutes both the first year in which the new Italian law regarding crypto taxation will come into effect and the year in which the final text of MiCa, at the European level, was approved

After the discussion in Palazzo Montecitorio on crypto regulation at the end of May, the idea emerged of endowing Italy with a specific register of providers specializing in the tokenization of corporate financial instruments, such as stocks, bonds and debt securities. 

This is specifically about empowering companies to tokenize their corporate financial instruments into digital assets. Whether the company is financial or from any other sector. 

At the same time, through the official registry, investors would be given protection on the purchase of “regulated” tokens. 

For this goal, it can be said that Italy and Europe are opening the doors to the crypto sector, allowing big players in European finance to enter the sector en masse, while remaining protected.

Trending Token to Watch in 2023


In recent years, there has been a significant and consistent trend in the development of the creators’ market. Several noteworthy projects in web2, such as  Patreon and Cameo, have emerged, each valued at billions of dollars. These platforms have gained widespread recognition, contributing to the unprecedented popularity of digital art. In fact, in 2022, collectors spent twice as much money as the previous year, indicating the growing interest in this field.

While numerous projects have attempted to leverage creators in web3, they often struggle due to their sole reliance on cryptocurrencies. As a result, their audience remains naturally limited. A project that has successfully embraced both trends is Paysenger.

Paysenger offers an exciting opportunity for creators, experts, and their dedicated audience to engage with one another. The platform provides various avenues for monetization and active subscriber interaction. Creators can generate captivating content, sell posts on the NFT marketplace, engage in paid chats with their fans, and offer exclusive access to premium subscription-based content. The platform operates using its own native token, known as EGO.

What sets Paysenger apart from most SocialFi projects is its successful transition from web2 to web3. This transition allows it to overcome the limitations commonly associated with web3 projects. The founders of Paysenger are driven by their mission to promote the adoption of blockchain technology and introduce cryptocurrency to as many new users as possible. Given the relatively slow mainstream acceptance of cryptocurrencies in recent years, projects like Paysenger play a vital role in driving the industry forward.

Seven Compelling Reasons to Include EGO Token in Your Portfolio in 2023: 

  1. Mainnet Transition and Increased Token Demand: Paysenger, a popular platform for creators, is currently using a test token called tEGO. However, they have announced their upcoming transition to the mainnet. This transition is expected to significantly boost the demand for the EGO token. 
  2. Expansion Plans and Influencer Campaign: In August 2023, Paysenger has ambitious plans to launch a large-scale campaign with new business partners in Europe and the USA. They will collaborate with thousands of influencers who will help spread the word about the product and the EGO token among their followers.
  3. Support from Prominent Cryptocurrency Institutions: Paysenger has garnered active support from well-known cryptocurrency institutions such as Polygon and ConsenSys, which adds credibility and enhances the prospects of the EGO token.
  4. Development of Unique Artificial Intelligence: Paysenger’s team has partnered with Dr. Tamay Aykut, a former Stanford professor, to develop their own cutting-edge artificial intelligence. The Paysenger AI will enable creators to monetize their work in their own distinct style using neural networks.
  5. Founders with Impressive Background: One of the founders of Paysenger, Pavel Maximov, is a serial entrepreneur, who previously founded a 1bln+ valuation payment system. This strong background and industry connections bring valuable expertise and potential growth opportunities to the EGO token.
  6. Reinventing NFTs: Paysenger introduces a fresh perspective on NFT (Non-Fungible Token) technology, receiving high praise from experts and NFT artists for its vast potential. The platform rewards EGO tokens to the most popular NFTs on a weekly basis, effectively transforming the purchase and ownership of NFTs into a form of staking.
  7. Large and Active User Base: With over 500,000 users and more than 50,000 creators, Paysenger demonstrates a thriving community adoption. This existing user base provides a strong foundation for the EGO token’s utility and potential future growth.

The upcoming shift to the mainnet and the company’s expansion plans suggest a potential increase in token demand. These developments make the EGO token an enticing investment opportunity.

*This article was paid for Cryptonomist did not write the article or test the platform.

Polkadot will be replaced by RenQ Finance (RENQ) in 2023


Polkadot is a popular blockchain network that has been gaining traction in the crypto space since its launch in 2020. It has been touted as an innovative platform that offers faster transaction speeds, more scalability, and interoperability with other blockchains. 

However, there is a new player in town that is set to shake things up in the crypto space. RenQ Finance (RENQ) is a decentralized finance (DeFi) platform that is quickly gaining popularity and is predicted to replace Polkadot in 2023.

What is RenQ Finance?

RenQ Finance is a DeFi platform that offers a wide range of financial products and services to users. It is built on a multi-chain architecture that allows users to access liquidity across multiple blockchain networks. 

The platform’s native token, RENQ, is used for governance, staking, and liquidity provision. RenQ Finance offers features such as liquidity provision, yield farming, and support for financial products like derivatives and leveraged trading.

Renq Finance

Why RenQ Finance is set to Replace Polkadot in 2023


While Polkadot is known for its scalability, RenQ Finance is taking it to the next level with its multi-chain architecture. The platform allows users to access liquidity across multiple blockchain networks, giving them more flexibility and opportunities for growth. RenQ Finance’s multi-chain approach ensures that it can handle a large volume of transactions without compromising on speed or efficiency.


RenQ Finance has passed a security audit by CertiK, one of the leading blockchain security companies, which has increased investor confidence in the platform. This demonstrates the platform’s commitment to ensuring the security of user funds and protecting them from potential security breaches and attacks.


RenQ Finance’s value proposition lies in its focus on interoperability, allowing users to access a variety of financial products across different blockchains. This makes it easier for investors to diversify their portfolios and take advantage of the opportunities presented by different markets. Polkadot also offers interoperability, but RenQ Finance’s multi-chain approach gives it an edge.

Price Analysis

In terms of price analysis, RenQ Finance has shown steady growth since its launch in 2023, with its price increasing by over 125%. This growth is expected to continue, with industry experts predicting a bullish trend for the cryptocurrency market as a whole. Meanwhile, Polkadot has seen some price fluctuations in recent months, with its price currently hovering around $6. However, its price has been relatively stable compared to other cryptocurrencies.

Expert opinions on the future of Polkadot and RenQ Finance

Polkadot and RenQ Finance are both promising blockchain projects in the decentralized finance (DeFi) space. While it is difficult to predict the future of any cryptocurrency, experts have shared their opinions on the potential of these two projects.

Polkadot has gained popularity for its unique multi-chain technology that allows for interoperability between different blockchain networks. Some experts believe that this could make Polkadot a strong player in the future of blockchain technology, with the potential for it to become a leading smart contract platform. However, there are also concerns about the slow pace of development and scalability issues.

On the other hand, RenQ Finance’s multi-chain approach and support for financial products like derivatives and leveraged trading have attracted a growing number of investors and users. Its recent fundraising success and strong token price performance have also increased confidence in the platform’s potential for growth. Additionally, its non-custodial platform and commitment to security make it an attractive investment option for those seeking stability and long-term growth in the DeFi market.

Overall, while Polkadot and RenQ Finance have different approaches to the DeFi space, they both have potential for growth and development in the future. It remains to be seen which project will come out on top, but both have strong foundations and are worth keeping an eye on.


RenQ Finance’s innovative approach to DeFi, focus on security and interoperability, and impressive price growth make it a strong contender to replace Polkadot in 2023. 

While Polkadot is still a popular blockchain network with a loyal user base, the crypto space is constantly evolving, and there is always potential for new projects to gain traction. With its multi-chain architecture, non-custodial platform, and support for financial products, RenQ Finance is well-positioned to become a major player in the DeFi landscape.

Click Here to Buy RenQ Finance (RENQ) Tokens.

Visit the links below for more information about RenQ Finance (RENQ):


*This article was paid for Cryptonomist did not write the article or test the platform.

Uncertain forecasting for the price of Bitcoin

These days there is conflicting forecasting about the possible price of Bitcoin.

However, a distinction must be made between short-term forecasts, medium-term forecasts, and long-term forecasts.

Bitcoin price: short-term forecasting

In the short term, forecasting the evolution of Bitcoin’s price is decidedly conflicting.

Although sentiment at the moment seems to be decidedly positive, with the Fear & Greed Index even passing into the greed zone (i.e., enthusiasm and greed), there are still many who expect a retracement, or who argue that the crypto winter is not yet over.

The point is that in this first quarter of 2023, BTC’s price performance has been decidedly good, perhaps even too good.

Compared to the close of the previous quarter, at the end of December 2022, the gain was almost 70%, which is quite abnormal after a bear market like that of last year.

In particular, there were two moments of real euphoria, one around mid-January, with +22% in five days, and one around mid-March, with +36% in one week.

While after the first spike, with the price rising to around $23,000, many argued that it was a rebound from the 2022 lows, after the second one speculation of a possible retracement began to spread.

It is worth mentioning that the key level at this time seems to be $29,000, which was exceeded only for a very brief moment yesterday. In fact this was the level above which the price of Bitcoin fluctuated in late May 2022 after the implosion of the Terra/Luna ecosystem but before the failure of Celsius.

Indeed, in addition to those who argue that a retracement is looming, there are instead those who argue that the next target is a return above $30,000.

Thus there is no agreement among the various analysts, such that the current moment can still be described as one of uncertainty, despite the clearly positive sentiment.

It is worth noting that the assumption that the crypto winter is not yet over is entirely plausible, because although the bear market of 2022 is now behind us, the current price level is still lower than it was before the implosion of Terra.

However, there are tentative signs that a return to the $30,000 level is possible, so it is not possible to say that there is a clear majority of analysts assuming a retracement.

Finally, it is worth noting that in recent times several spikes have occurred during weekends, that is, when traditional stock exchanges are closed. Most likely, the key moment to understand whether the price of Bitcoin really has the strength to rise back up to the $30,000 mark will be the weekend, or at most the very first days of next week.

Medium-term forecasting

As far as medium-term forecasting is concerned, and in particular that concerning the evolution of Bitcoin’s price throughout 2023, there are two hypotheses that have been circulating for several days now.

The first argues that over the course of the year it might be able to rise as high as $35,000, while the second even ventures that a return even above $40,000 is possible.

However, in both cases these are not predictions that claim that the price of BTC during the course of 2023 is destined to rise, and then stay high, but only assumptions that at some point during the course of the year those heights may be reached.

Indeed, it appears to be a fairly widely held view that 2023 could be an interlocutory year, ahead of the next halving that will not occur until the spring of 2024.

In the event that it indeed turns out to be an interlocutory year, the price of BTC could fluctuate within a band whose maximum level could be between $30,000 and $40,000, but the minimum level could also be $20,000 or less.

It is worth noting that in the past, once the bottom was touched during the bear market, the price did not fall back to those levels. However, the bottom of the bear market in 2022 was $15,500, so compared to current values the potential for descent is quite large.

It remains particularly difficult to make forecasts for the medium term, because the future may hold several unforeseen events that can also heavily influence the price trend of BTC.

An overview of the long term

Naturally, it is even more difficult to make long-term forecasts, but at least in this case there is one certainty: the halving of spring 2024.

There have already been three halvings in the past (2012, 2016, and 2020), and in all cases a speculative bubble inflated the following year. However, the size in proportion of the three bubbles has been declining over time, with the one in 2013 being so sensational as to seem absurd, the one in 2017 being truly remarkable but no longer so sensational, and the one in 2020 being significantly smaller than the previous two.

Doubts are looming over the long-term forecast

Indeed, the price of Bitcoin tends to be influenced by the monetary policies of the major central banks, and in particular the Fed. The key point is the positive reaction of BTC’s market value to very expansionary monetary policies.

This means that in the event that the Fed launches another campaign of creating and placing large quantities of dollars into the markets, the price of Bitcoin could react even more than expected, or than it has in the past.

Monetary policies of central banks are uncertain, arbitrary, and unpredictable, so it cannot be ruled out a priori that in the future they may end up pumping up the price of Bitcoin even more than to date.

The result is that, as of today, it is almost impossible to guess how far the price of BTC might go in the future, unless we guess by sheer luck.


Tether: the market cap of USDT rises 10% but other stablecoins fall

Tether (USDT) maintains its leadership with a 10% increase in market cap over the past month. In contrast, other stablecoins such as USD Coin (USDC), Binance USD (BUSD), and DAI record a continuous decline.

Tether (USDT) is the only stablecoin to record an increase in market cap

Looking at the market cap chart of the major stablecoins, Tether (USDT) is the only one to record a 10% increase in the past month. In contrast, USD Coin (USDC), Binance USD (BUSD) and DAI are down.

And indeed, the stablecoin leader USDT went from a total capitalization of $73.68 billion to $74.58 billion this morning alone. 

In contrast, in the past 24 hours, Circle’s stablecoin, USDC, from $38.9 billion market cap has dropped to $37.5 billion.

BUSD, issued by US-based Paxos Trust Company, also had a drop from $8.38 billion to $8.33. And finally, MakerDAO’s stablecoin DAI also fell from $6.21 billion to a market cap of $6 billion.

This drop in market capitalization led BUSD, USDC, and DAI to lose their peg to the dollar.

Tether maintains its leadership in the stablecoin market, not only because of the increases in total market capitalization, but also because the amount achieved is almost double that of USDC, the second largest stablecoin by market cap.

In any case, in the overall crypto ranking, USDT is in third place. Followed by USDC in fifth place, and BUSD and DAI which are in tenth and fifteenth place, respectively.

Tether also gains ground due to the collapse of Silicon Valley Bank

Among the various reasons for Tether’s market cap surge is the collapse of Silicon Valley Bank, which allegedly prompted investors to shift their funds from USDC to USDT.

As a matter of fact, USDC’s loss of peg to the dollar came soon after news leaked out that $3.3 billion of Circle’s $40 billion in stablecoin reserves were deposited in Silicon Valley Bank, which collapsed on 10 March 2023.

According to Wall Street Journal reports, Kevin March, co-founder of the trading firm Floating Point Group, one of the companies to have swapped USDC for USDT, reportedly said the following:

“Many of our customers chose to do the same, putting a lot of sell pressure on the USDC-USDT trading pair.”

Steven Kelly, researcher at Yale University’s Financial Stability Program, also said:

“We knew Circle had exposure to SVB, we found out what it was and there was a run. We don’t really know as much about tether, and it just seems safer for that reason alone.”

The anniversary of Plan ₿

Earlier this month, the City of Lugano and Tether Operation Limited celebrated the one-year anniversary of the Plan ₿ initiative.

Indeed, it was precisely on 3 March 2022 that the partnership was announced, with the aim of creating a comprehensive ecosystem for the use of digital assets in the city.

Plan ₿ was launched to accelerate the use of Bitcoin technology and give a boost to transform the city’s financial infrastructure. In this way, Lugano is increasingly becoming a major center for promoting blockchain in Europe.

Not only that, participating in the initiative are a consortium of companies that have announced a 100 million Swiss franc fund to support crypto startups and a 3 million Swiss franc fund to assist Lugano stores and businesses in adopting crypto.

Bitcoin, Tether and Lugano’s LVGA tokens have been made legal for payment of taxes, parking tickets, utilities and university fees.